U.S. President Donald Trump has accused China of a "complete breach" of an agreement to ease tariff pressure on bilateral trade, escalating tensions between the world's two largest economies, UNN reports, citing Bloomberg.
China, perhaps not surprisingly to some, has COMPLETELY BROKEN ITS DEAL WITH US. Here's to Mr. NICE GUY!
Details
The American leader did not specify how exactly China is failing to comply with the agreement reached earlier this month in Switzerland. At the time, both countries said they would cut tariffs on a "tit-for-tat" basis and continue trade negotiations.
Amid Trump's new statement on trade relations with China, U.S. stock futures fell nearly 1%, and S&P 500 contracts fell 0.3%.
Recall
The United States and China agreed on May 11 to temporarily reduce tariffs on each other's goods. They agreed on a 90-day grace period. This was done to ease trade tensions and prepare substantive agreements to resolve disputes.